Engineering goods Exports to US up 6.8% in FY23, Shipments to China down 52.4%

NEW DELHI: The US has remained the top destination for India’s engineering goods exports in the financial year 2022-23 with total shipments value recording 6.8 percent year-on-year growth to $18.67 billion.

The other key markets which registered positive growth include the UK, Germany, Singapore, Saudi Arabia,Mexico,andIndonesia.

Exports of engineering goods to China continued a downward trend month after month. In FY23, engineering shipments to China fell by 52.4percentyear-on-yearto$2.63billion from$5.53billioninthepreviousyear.

Exports of engineering goods to China continued a downward trend month after month. In FY23, engineering shipments to China fell by 52.4percentyear-on-yearto$2.63billion from$5.53billioninthepreviousyear.

Theothertopmarketsthatrecorded negative growth during the year includedUAE,Turkey,andThailand.

Engineering exports from India, after reaching their all-time high at $112.16 billion during fiscal 2021-22, finished fiscal 2022-23 at $107.04 billion conceding a decline of 4.57 per cent. In rupee terms, however, engineering exports recorded 2.77 per cent growth year-on-year. This disparity was due to the substantial year-on-year depreciation of the rupee vis-a-vis the USDollarin2022-23.

“The decline was a direct result of the depressed global demand, especially in the metal sector. FY23 in general has been a difficult year for global trade. While the end of FY22 marked the recovery from the COVID pandemic it was soon overshadowed by the Russia-Ukraine crisis which dented the European and Central Asian economies to a significant extent,” said EEPC India Chairman Mr. Arun KumarGarodia.

He further said that the decline could have been sharper if timely government measures would not have come.

“We appreciate the efforts made by the Ministry of Commerce which has always been forthcoming in coming up with relief measures. Besides, the encouraging words by Hon’ble Prime MinisterShriNarendraModihavehada catalytic effect. We are grateful for the launch of the Foreign Trade Policy 2023 which covers all important aspects of trade including ease of doing business, introduction of Rupee trade, including the states and the districts in export strategy, export incentives, and infrastructure and logistics,” said Mr.Garodia.

According to the Quick Estimates of the Department of Commerce, Government of India, the share of engineering exports in India’s total merchandiseexportsduringfiscal202223was23.92percentasagainstahigher 26.58percentinfiscal2021-22.

Panel-wise analysis showed that out of 34 engineering panels, 22 recorded growth in exports during 2022-23 while 12concededadeclineinshipment.

Indian engineering exports continuedtodeclineforthefifthstraight month to March 2023 and for eight months in fiscal 2022-23. During March 2023, engineering exports declined by 7.49 per cent to $10.19 billion from $11.01billioninMarch2022.

As many as 16 out of 34 engineering panels witnessed positive year-on-year growth in March 2023, while the remaining18panelswitnessednegative growth in exports. Major engineering productslikeIronandSteel,Productsof Iron and Steel, Aluminium and products, Industrial Machinery, Electrical Machinery and Equipment, Two & Three wheelers, Bicycle parts, Auto Tyres, and Hand tools witnessed a decline in exports during March 2023 vis-à-visMarch2022.

Road Ministry to construct 12,500 km of Highways in FY24: Official

NEW DELHI: The Ministry of Road Transport and Highways (MoRTH) has put plans in place to maintain the pace of highway development and construct 12,500 km of highways in the current financial year, a senior official said recently. Alka Upadhyaya, Secretary, MoRTH, saidRs10,000croreisplanned to be raised through Infrastructure Investment Trusts (InvITs) mode in

FY2023-24.

"MoRTH has put plans in place to maintain the pace of highway development, with a strong pipeline of projectsacrossthecountry.

"For 2023-24, MoRTH has taken up targets to award 12,000 km and construct 12,500 km of highways in the Country,"shesaid.

The Ministry has constructed

10,237 kilometres in 2019-20, 13,327 kilometres in 2020-21 and 10,457kilometresin2021-22.

The National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation Ltd (NHIDCL) are primarily responsible for the construction of national highways and expresswaysinIndia.